No matter where you enter the cryptocurrency community, whether it's Reddit, Telegram, or "Crypto Twitter," analysts, traders, or ubiquitous competitors are all applauding for the upcoming "competitive currency season."
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The first quarter of 2019 has passed, and new data shows how profitable the trading season for traders is. Since the beginning of 2019, the value of more than 20 competitive currencies has doubled and even more.
The competitive currency season makes cryptocurrency investors profitable, doubling more than 20 competitive currencies
Since Bitcoin fell below the support level of $6,000 and fell to the current trading range, the market has been experiencing a bottoming process, which established a strong, impenetrable support base at the low point. Since many of the competition coins have bottomed out, they have also been building strong support and are expected to rise further.
With the bottoming out on these charts, the risk-taking and accumulating coins have already paid off handsomely for cryptocurrency traders and investors. In fact, since the beginning of 2019, the value of more than 20 independent competitors in the market has doubled. Some currencies even achieved nearly eight times growth during the quarter.
The crazy gains are enough to prove that the encryption market is in the competitive currency season is very real. In the long run, the appreciation of some cryptocurrencies in a quarter exceeds the appreciation of traditional assets during the 10-year investment period.
Ranked first in the first quarter of 2019 was PCHAIN, the world's first "local multi-chain system" to support Ethereum virtual machines. According to Messari, PCHAIN investors earned more than 792%.
The remaining currencies in the list of gains include a variety of low-capital and medium-capital-competition currencies, including recent strong BAT (116.46%) and BNB (194.69%).
How far will the competition coin season lead us?
The “competitive coin season” may occur during bitcoin ups and downs, but they usually occur when Bitcoin is trading horizontally. The stability of Bitcoin gives market participants more confidence in the bitcoin market.
Bitcoin itself is at a critical moment, either retesting bearish lows or rebounding to new trading ranges. According to Bitcoin's performance in this regard, if Bitcoin wants to be independent, it may have a negative impact on the competition season.
If Bitcoin is to take off, traders may start to profit from the coins they hold and invest in Bitcoin's take-off from the bottom.
In another case, if Bitcoin falls, the market may renew panic and there may be a competitive coin sell-off. Regardless of what happens next to the coin, they largely depend on the next move in Bitcoin.